# [Wall Street liquidity radar] Bitcoin trading rises 45.3%, but U.S. buying conviction remains limited By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/37832 Published: 2026-10-22T12:22:31.000Z Updated: 2026-10-22T12:22:31.000Z Section: Investing > Coinbase Prime Bitcoin volume rose 45.3%, while the U.S. spot discount persisted. Short-heavy futures positioning and a rebound in the VIX left buying conviction uncertain. Bitcoin trading through Coinbase Prime rose 45.3%, but U.S. spot prices remained below offshore prices, leaving evidence of stronger buying conviction limited. Greater institutional participation has yet to translate into a clear U.S. buying premium. Futures positioning and a renewed rise in equity volatility also point to mixed market signals. The latest Coinbase premium reading on October 22 was -0.10%, based on Coinbase and Binance prices. The daily series showed the discount narrowing from -0.13% on October 18 to -0.12% on October 19, -0.11% on October 20 and -0.08% on October 21, before widening to -0.13% on October 22. A positive premium indicates that Bitcoin trades at a higher price on Coinbase than on Binance; a negative reading indicates a discount. The continued negative readings and renewed widening of the discount offer limited evidence of a sustained recovery in relative U.S. spot demand. Bitcoin: Coinbase premium (%) ![ Wall Street liquidity radar Bitcoin trading rises 45.3%, but U.S. buying conviction remains limited]() Coinbase Prime, an institutional trading venue, recorded 7,679.40 BTC in volume on October 21, up 45.3% from 5,283.87 BTC on October 20. Separately, its reported 24-hour dollar trading volume was approximately $387.40 million. The increase indicates greater trading participation through the institutional venue. Volume includes both purchases and sales, however, so it does not establish that institutions were net buyers. CFTC disclosures showed leveraged funds holding 5,520 long contracts and 11,364 short contracts in CME Bitcoin futures as of October 13. Short positions substantially exceeded longs. These figures are released weekly and predate the latest spot-market readings. The VIX rose to 18.17 on October 22 from 16.68 on October 21, an increase of 1.49 points, or 8.93%. That reversed the decline from 19.99 on October 16 through 18.44 on October 19 and 17.31 on October 20. ![ Wall Street liquidity radar Bitcoin trading rises 45.3%, but U.S. buying conviction remains limited]() The VIX measures expected volatility in U.S. equities. Its latest increase signals firmer expectations of market turbulence, making the broader risk backdrop less supportive than the preceding decline suggested. The dollar index stood at 101.73 on October 22, down 0.05% from October 21. The U.S. 10-year Treasury yield was 5.12% as of October 20. The slightly weaker dollar offered some relief, while the yield level remained a potential constraint on appetite for Bitcoin. The U.S. picture remains mixed: institutional trading has expanded, but the spot discount persists, leveraged-fund shorts exceed longs and equity volatility has risen again. Whether greater activity reflects stronger buying conviction remains unresolved; the Coinbase premium and the persistence of Prime trading activity remain central indicators. [Editor's note] Wall Street liquidity radar examines U.S. Bitcoin market conditions through four indicators: CME leveraged-fund positioning, the Coinbase premium, the VIX and Coinbase Prime trading volume. Together, they provide context on futures positioning, relative spot demand, equity-market uncertainty and institutional trading participation.